Oil prices rose more than 1 per cent on Wednesday, trading near their highest since April, after industry data showed a much steeper-than-expected draw last week in crude oil inventories in the U.S., the world's biggest fuel consumer.
If the U.S. government figures, due later on Wednesday, matches the industry drawdown number, it would mark the largest drop in U.S. crude inventories according to records dating back to 1982. Analysts expect Saudi Arabia to extend its voluntary oil output cut of 1 million barrels per day for another month to include September in a meeting on Friday.
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